Every business has competitors, whether direct or indirect. Your competitors greatly affect your business environment and how they react to changes in the market can either favor you, or put you at a disadvantage.
A competitor analysis helps you:
* Make strategic decisions
* Highlight the strengths and weaknesses of your business as well as those of your competitors.
* Uncover potential opportunities in the market where you can increase your market share, gain a competitive advantage etc.
* Enable the whole of your business to better understand the competitive landscape in which your company operates
* Inform your value proposition, that is, how you stand out in the market compared with your competitors. Really helps you understand what makes you different, why your customers choose you over the rest.
The goal of this course is to learn how to use your competitors to identify opportunities to improve your offering and grow your business.